![AO adds ₹15 Lakh for Alleged Fake Loan given Based on Third-Party Information: ITAT deletes Addition Citing Genuine Transaction [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Surath-Fake-Loan-ITAT-Deletes-Addition-Genuine-Transaction-ITAT-deletes-15-lakh-addition-taxscan.jpg "AO adds ₹15 Lakh for Alleged Fake Loan given Based on Third-Party Information: ITAT deletes Addition Citing Genuine Transaction [Read Order]")
AO adds ₹15 Lakh for Alleged Fake Loan given Based on Third-Party Information: ITAT deletes Addition Citing Genuine Transaction [Read Order]
The Surat Bench of Income Tax Appellate Tribunal ( ITAT ) deleted Rs. 15 Lakh addition alleged accommodation entries in the form of loans based on...
![No Misreporting in PF and Cess Deduction Claims Made in Good Faith: ITAT quashes 84 Lakhs S.270 Penalty under Income Tax [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Misreporting-PF-Cess-Deduction-Claims-ITAT-Penalty-Income-Tax-taxscan.jpeg "No Misreporting in PF and Cess Deduction Claims Made in Good Faith: ITAT quashes 84 Lakhs S.270 Penalty under Income Tax [Read Order]")
![Tax Residency Dispute: ITAT Upholds Taxation as Resident of India, Enforcing Global Income Tax Liability [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Mumbai-Income-Tax-Liability-Tax-Liability-Taxscan.jpg "Tax Residency Dispute: ITAT Upholds Taxation as Resident of India, Enforcing Global Income Tax Liability [Read Order]")
![Pendency of Appeal w.r.t. Joint Development Agreement: ITAT Condones Delay of 395 Days to Avoid Double Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Pendency-of-Appeal-Joint-Development-Agreement-ITAT-Condones-Delay-Avoid-Double-Addition-taxscan.jpg "Pendency of Appeal w.r.t. Joint Development Agreement: ITAT Condones Delay of 395 Days to Avoid Double Addition [Read Order]")
![Cash Deposits made from Sale Proceeds: ITAT directs Deletion of S.69 Income Tax Additions [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Cash-Deposits-Sale-Proceeds-ITAT-Deletion-Income-Tax-Additions-taxscan.jpg "Cash Deposits made from Sale Proceeds: ITAT directs Deletion of S.69 Income Tax Additions [Read Order]")
No direct link between Interest Income and Industrial Activity: ITAT disallows S.80-IB/80-IE Deduction for Sun Pharma Labs Ltd [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) disallowed the Section 80-IB/80-IE deduction under the Income Tax Act, 1961, for Sun Pharma Laboratories Ltd., stating there was no...
![No direct link between Interest Income and Industrial Activity: ITAT disallows S.80-IB/80-IE Deduction for Sun Pharma Labs Ltd [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Sun-Pharma-Interest-Income-Sun-Pharma-tax-case-taxscan.jpg "No direct link between Interest Income and Industrial Activity: ITAT disallows S.80-IB/80-IE Deduction for Sun Pharma Labs Ltd [Read Order]")
No Adjustments required for Intangible Asset Amortization u/s 115JB: ITAT rules for Sun Pharma Labs Ltd. [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) stating that no adjustments were required for the amortization of intangible assets while calculating book profits under Section 115JB of...
![No Adjustments required for Intangible Asset Amortization u/s 115JB: ITAT rules for Sun Pharma Labs Ltd. [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Sun-Pharma-Labs-Ltd-Taxscan.jpg "No Adjustments required for Intangible Asset Amortization u/s 115JB: ITAT rules for Sun Pharma Labs Ltd. [Read Order]")
[Breaking] Personal Income Tax Surpasses Corporate Tax by ₹1 Lakh Crore for FY 2024-25: CBDT releases Net Direct Tax Collection Report [Read Notification]
The Central Board of Direct Taxes ( CBDT ) has released its net direct tax collection report for the financial year 2024-25. The personal income tax has surpassed corporate tax by an impressive ₹1...
![[Breaking] Personal Income Tax Surpasses Corporate Tax by ₹1 Lakh Crore for FY 2024-25: CBDT releases Net Direct Tax Collection Report [Read Notification]](https://www.taxscan.in/wp-content/uploads/2024/10/CBDT-Central-Board-of-Direct-Taxes-Income-Tax-Personal-Income-Tax-Corporate-Tax-Direct-Tax-Collection-Report-taxscan.jpg "[Breaking] Personal Income Tax Surpasses Corporate Tax by ₹1 Lakh Crore for FY 2024-25: CBDT releases Net Direct Tax Collection Report [Read Notification]")
![ITAT Upholds Disallowance of LTCL for Sun Pharma Labs Due to Non-Claim in Returns [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-ITAT-Ahmedabad-Sun-Pharma-Labs-LTCL-Disallowance-LTCL-Disallowance-Sun-Pharma-Labs-disallowance-taxscan.jpg "ITAT Upholds Disallowance of LTCL for Sun Pharma Labs Due to Non-Claim in Returns [Read Order]")
Rs.89.39 Lakh iPad Care plan expense allowed as immediate Revenue Deduction: ITAT rules for Sun Pharma Labs Ltd [Read Order]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed Sun Pharma Laboratories Ltd. to claim an immediate revenue deduction of ₹89.39 lakh for expenses related to an Apple iPad care...
![Rs.89.39 Lakh iPad Care plan expense allowed as immediate Revenue Deduction: ITAT rules for Sun Pharma Labs Ltd [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/ITAT-Sun-Pharma-Laboratories-Income-Tax-taxscan.jpg "Rs.89.39 Lakh iPad Care plan expense allowed as immediate Revenue Deduction: ITAT rules for Sun Pharma Labs Ltd [Read Order]")
AO Cannot Refer File to JC Regarding Penalty u/s 271D of Income Tax without Recording “Satisfaction”: Andhra Pradesh HC
The Andhra Pradesh High Court in its recent ruling has held that an Assessing Officer ( AO ) cannot refer an assessee's file to the Joint Commissioner of Income Tax for levying penalty under Section...
![ITAT Members get reshuffled Places of Posting: Central Govt issues Transfer Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/10/Income-Tax-Appellate-Tribunal-ITAT-member-posting-ITAT-posting-ITAT-Members-transfer-ITAT-Members-transfer-order-taxscan.jpg "ITAT Members get reshuffled Places of Posting: Central Govt issues Transfer Order [Read Order]")